Intel Invests in Solar Power, Forms New Company

Computer chip maker Intel Corp. announced today that it would make a $50 million investment in solar energy through its Intel Capital division, forming a new company. The new venture, SpectraWatt Inc. will manufacture solar cells for distribution to solar panel manufacturers. Other investors in the company include Cogentrix Energy (a Goldman Sachs subsidiary), PCG Clean Energy and Technology Fund, and the German firm Solon.According to CNET the company will begin construction of a new facility in Oregon sometime later this year and plans to begin shipments of solar cells by the middle of 2009.

Intel executive vice president Arvind Sodhani: "SpecraWatt is a great example of technology resulting from entrepreneurial efforts inside Intel. This is an important investment for Intel Capital in the growing cleantech sector..."